Property Profile: West Main Street | Havelock

PROPERTY PROFILE:

W. MAIN STREET, HAVELOCK (US HIGHWAY 70)

CRAVEN COUNTY, NORTH CAROLINA

OFFERED BY: MORTON COMPANIES MANAGEMENT, LLC

THE HAVELOCK PROPERTY OPPORTUNITY — W. MAIN STREET

CRAVEN COUNTY, NORTH CAROLINA — 54.2 ACRES OFFERED “AS-IS” AT $21,570,000

MIXED USE DEVELOPMENT PROPERTY

We are pleased to offer the proposed site for potential land/commercial purchase in Havelock North Carolina, within the growing Craven County region. This property sits adjacent to Marine Corps Air Station Cherry Point, the largest Marine Corps air station in the world, home to the 2nd Marine Aircraft Wing. The property has been utilized previously as a commercial Mobile Home Park—and indeed, is still active as such today, along with a retail store and restaurants.

FUNDAMENTAL PROPERTY OVERVIEW

• The proposed property is 2,364,698 square feet (Gross & Usable Land).

• Key offering includes primary subject and five additional parcels (Gross & Usable Land)

• Zoned for Highway Commercial, Mobile Home Residential, and Single-Family Residential.

• The 54.286-acre parcel’s offering price is $21,570,000 “As Is.”

ESTABLISHED COMMUNITY & WELCOMING LOCATION ACCESS

• The property sits in an ideal location and close proximity to Cherry Point.

• With major highways and infrastructure well established the property is easily accessible and provides convenient access to the Cherry Point Base.

• Located in Eastern Craven County within 3 miles of Carteret County.

• Thriving residential and commercial components already in place, including nearby retail and dining establishments.

• The destination towns of New Bern and Morehead City are just a 15-20 minute drive away.

• Access to North Carolina’s 85-mile stretch of coastline known as the Crystal Coast beaches and Southern Outer Banks within 20 miles.

THE OPTIMAL BUYER FOR THE PROPERTY IS:

1. A developer who has management experience within the Mobile Home Sector.

2. A commercial developer of mixed-use property with a strong residential and retail component.

HAVELOCK PROPERTY OPPORTUNITY

HAVELOCK

PROPERTY OPPORTUNITY

— W. MAIN STREET

CRAVEN COUNTY, NC

MOBILE HOME PROPERTY SPECIFICATIONS

The subject property is described as and includes the following:

Parcel 1: Rectangular-shaped 0.752-acre lot improved with a 5,087 square foot (SF) restaurant.

Parcel 2: Rectangular-shaped 2.264-acre lot improved with a 14,000 SF retail building.

Parcel 3: Rectangular-shaped 0.91-acre lot improved with a 3,762 SF restaurant.

Parcel 4: 242-lot Mobile Home Park situated on a 46.5-acre tract

Parcel 5: Regular-shaped 0.93-acre vacant lot (surplus land).

Parcel 6: Regular-shaped 2.93-acre vacant lot (excess land).

The parcels are zoned HC, Highway Commercial; RMH, Mobile Home Residential; and R-7, Single Family Residential, by the town of Havelock.

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

INVESTMENT PROPERTY SPECIFICS

KEY FACTS

• 242-pad Mobile Home Park offered with commercial retail and restaurant space

• Located in Havelock, North Carolina 28532

• Only .25 miles from the U.S. Marine Corps Air Station Cherry Point

• Offering price = $21,570,000

SUBJECT & ADDITIONAL PARCELS

242-PAD MOBILE HOME PARK SITUATED ON A 46.5-ACRE TRACT, ALONG WITH:

• 0.91 acre parcel improved with a 3,762 SF restaurant

• 0.752 acre parcel improved with a 5,087 SF restaurant

• 2.264 acre parcel improved with a 14,000 SF retail building

• 0.93 acre parcel (surplus land)

• 2.93 acre parcel (excess land)

PUBLIC WATER & SEWER

Access to public water and sewer services provided. Asphalt is paved with curbs and gutters for practical use.

ZONING

Zoned HC (Highway Commercial), RMH (Mobile Home Residential), and R-7 (Single Family Residential)

OFFERED BY

Morton Companies Management, LLC

A. Fredrick Morton, Jr., Broker | 252.635.0410

fred@mortoncompanies.com

PROPERTY IDENTIFICATION

THE MOBILE HOME PARK OFFERING INCLUDES THE SIX PARCELS LISTED AND LABELED:

PARCEL #1

• PIN: 6-053-030 | RESTAURANT

• Located on the south side of the W Main Street service road, +/-130 ft. SE of the access from Highway 70/W Main Street.

Common Address: 403 W Main Street, Havelock, NC, 28532

PARCEL #2

• PIN: 6-053-016 | RETAIL BUILDING

• Located on the south side of the W Main Street service road, +/- 400 ft. SE of the access from Highway 70/W Main Street.

Common Address: 349 W Main Street, Havelock, NC, 28532

PARCEL #3

• PIN: 6-053-018 | RESTAURANT

• Located on the south side of the W Main Street service road, directly south of the access from Highway 70/W Main Street.

Common Address: 405 W Main Street, Havelock, NC, 28532

PARCEL #4

• PIN: 6-053-021 | 46.5 ACRE MOBILE HOME PARK

• Located on the south side of the W Main Street service road, +/- 275 ft. SE of the access from Highway 70/W Main Street.

Common Address: 100 Tilton Street, Havelock, NC, 28532

PARCEL #5

• PIN: 6-054-073 | VACANT LAND

• Located on the north side of Miller Boulevard, +/- 315 ft. E of the intersection of Patriot Court. Common Address: Miller Boulevard, Havelock, NC 28532

PARCEL #6

• PIN: 6-060-005 | VACANT LAND

• Located on the west side of Trader Avenue, +/- 320 ft. S of the W Main Street service road. Common Address: Trader Avenue, Havelock, NC 28532

KEY DRIVERS: MOBILE HOME PARKS

(FROM MSN MONEYWISE, SEPTEMBER 2022)

“In recent years, sophisticated investors have snapped up multi-family units and single-family homes. Now, corporate landlords are targeting the most cost-effective segment of the real estate market: mobile home parks.”

“Manufactured homes, or mobile homes, are considered the most affordable non-subsidized housing option in America. That’s because the owners own only the prefabricated unit and not the land under the home. The land is usually leased from the landlord of a trailer park.”

“As of 2020, nearly 22 million Americans lived in mobile homes. That’s 6.7% of the total population or about one in 15 people across the country. However, the economic inefficiencies that make these manufactured homes affordable also make them attractive to professional investors.”

MARKET STUDY

Comparable mobile home park lots have sold in a range of $54,000 - $79,000 per lot.

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

HAVELOCK:

EVERYTHING’S WITHIN REACH

Havelock is an attractive home to retired military veterans as well as civilians. Studies have revealed strong demand for “workforce housing” in both Craven And Carteret Counties.  This property offers a great opportunity to meet this demand. As an established town in Eastern North Carolina—in the ever-evolving Craven County—Havelock is first and foremost a military town: home to Marine Corps Air Station Cherry Point. Yet aside from the steady influx of military personnel and base employees, Havelock also offers access to a wide variety of local attractions and destinations. The dynamic coastal community of New Bern is just 20 minutes away, while Morehead City (the gateway to the beaches of the Crystal Coast) are 17 miles to the southeast. With a mix of rich history, natural attractions, and year-round outdoor recreation, Havelock is an ideal starting point for exploration and discovery for both visitors and locals, alike. And as you would expect with the largest Marine Corps Air Station in the world, Havelock gives residents and visitors quick access to dining, shopping, and healthcare.

GETTING AROUND

The main highway is US 70, which runs west to east through the center of town. NC 101/Fontana Boulevard leads to dual entrances at the Cherry Point Base. A new US 70 Bypass around the city is roughly 50% complete. The four-lane, median divided highway will allow for high-speed traffic to alleviate the burden (and dependence) on US 70. There will be direct thoroughfare access from this property to the US 70 Bypass.

RALEIGH

BEAUFORT MOREHEAD CITY

WILMINGTON

WINSTON-SALEM

CHARLOTTE

CHARLESTON

HAVELOCK

FAYETTEVILLE

US 70 IMPROVEMENTS at WILSON'S MILLS

INTERCHANGE

US 70 IMPROVEMENTS US 70 BYPASS TO SR 1229

TIP #: R-5829A RIGHT OF WAY - 2024 CONSTRUCTION - 2026

Date: October 2020

US 70 IMPROVEMENTS at JIM SUTTON ROAD

TIP #: R-5813 RIGHT OF WAY - 2026 CONSTRUCTION - 2028

70 £ ¤ 17

#: W-5107 ¬ 41 ¬ 50 ¬ « 53

58 ¬ 903

US 70 IMPROVEMENTS US 70 at TABERNA WAY AND THURMAN

RD TIP #: R-5777A/B R/W- IN PROGRESS UNDER CONSTRUCTION US 70 IMPROVEMENTS SR 1229 TO PONDFIELD RD TIP #: R-5829B RIGHT OF WAY - 2025 CONSTRUCTION - 2028 KINSTON BYPASS TIP #: R-2553 B RIGHT OF WAY - 2029 CONSTRUCTIONPOST YEARS

#: R-1015 Clayton Walnut Creek

17

SLOCUM GATE

US 70 IMPROVEMENTS

RADIO ISLAND ROAD: Inc.

NEWPORT RIVER BRIDGE

TIP #: U-5876

RIGHT OF WAY - 2025 CONSTRUCTION - 2027

TIP

#: R-5777C

HAVELOCK BYPASS Pine Level

OF WAY - IN PROGRESS Selma LaGrange Dover Cove City § ¨ 40

UNDER CONSTRUCTION £ ¤ 421

IMPROVEMENTS US 70 AT GLENBURNIE RD TIP #: U-6102 RIGHT OF WAY - 2027 CONSTRUCTION - POST YEARS US 70

US 70 CORRIDOR NC DOT PROJECT LOCATIONS Wilson Princeton

WAY - 2023

IMPROVEMENTS

OLGA RD TO WHITEHURST RD. TIP #: R-4746 RIGHT OF WAY - 2029

CONSTRUCTION

- POST YEARS

Date: WAKE, JOHNSTON, WAYNE, LENIOR, JONES, CRAVEN, CARTERET COUNTIES US 70 CORRIDOR NC DOT PROJECT LOCATIONS NORTH CAROLINA DEPARTMENT OF TRANSPORTATION DIVISION OF HIGHWAYS PROJECT DEVELOPMENT AND PROJECT MANAGEMENT UNIT ´ October 2020 1 Figure 0 10 Miles Legend Future Retrofit Existing Freeway US 70 BUS Interstate NC US Railroads National Forests Member Counties Current Project

NO RTH CAROLINA DEPARTMENT OF TRANSPORTATION

DIVISION OF HIGHWAYS

PROJECT DEVELOPMENT AND PROJECT M ANAGEMENT UNIT

Although the information contained herein was provided by sources believed to be reliable, Morton Companies Management, LLC makes no representation, expressed or implied, as to its accuracy and said information is subject to errors, omissions or changes.

HAVELOCK PROPERTY

POINTS OF INTEREST

It is hard to get bored in Havelock. Within 20-30 minutes in any direction lies a world of discovery for the entire family. A few of the area’s more memorable experiences are listed below.

1 Havelock Property

2 Cherry Point Passenger Terminal

3 MCAS Cherry Point

4 Pine Cliffs Recreation Area – Neusiok Trail

5 Croatan Trail Adventures (Horseback)

6 Cahooque Creek Boat Launch

7 Carmike Cinema 6

8 El Cerro Mexican Bar & Grill

9 Walmart Supercenter (~2 miles NW via Highway 70W)

Carolina Pines Golf & Club ( ~7 miles)

Neuse River Recreation Area ( ~8 miles)

Fort Benjamin Park ( ~9 miles)

Barnyard Zoo ( ~10 miles)

Newport Winery ( ~10 miles)

New Bern Battlefield Park ( ~13 miles)

Minnesott Golf & Country Club ( ~14 miles)

Croatan National Forest ( ~16 miles)

Carolina Coastal Reg. Airport ( ~16 miles)

Crystal Coast Beaches and Southern Outer Banks ( ~20 miles)

CarolinaEast Medical Center ( ~20 miles)

Newport River Adventures ( ~21 miles)

Crystal Coast Helicopters ( ~22 miles)

Abundant Boating Access

9

CRAVEN COUNTY: STATISTICS & DEMOGRAPHICS

NOTEWORTHY FACT: THE CRAVEN 100 ALLIANCE

The Craven 100 Alliance (C1A) is a 501c3 public private partnership created to advance the economic interests of Craven County. With investments from the private sector, Craven County, the City of New Bern and the City of Havelock, the C1A has a track record of moving the economy forward in Craven County by investing in infrastructure, real estate and companies directly. In 2019, the Craven 100 Alliance investments yielded $8.5 million in investment creating 140 jobs over six projects. The C1A is actively looking for strategic joint venture partners who have similar interests in growing the economy of Craven County.

THE MORTON COMPANIES DIFFERENCE

We carefully consider the ramifications of development and seek to support emerging real estate projects that are befitting of their individual settings—particularly in eastern coastal settings. It is hope that our future developments blend seamlessly with the essence of each locale to promote the following:

1. A SENSE OF COMMUNITY

2. BETTER QUALITY OF LIFE

3. ENHANCED FAMILY LIFESTYLE

4. SUSTAINABLE LONG-TERM INVESTMENT